-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CKcaCn7zJZV+5UZZCLWnbPJLMHY6NZ4XjuJsJhWQ52hfKevhFgCpKHS4x0CcAiDI rtv6ArmYH8zpEuWYBeIcyQ== 0000950134-99-009448.txt : 19991105 0000950134-99-009448.hdr.sgml : 19991105 ACCESSION NUMBER: 0000950134-99-009448 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990924 FILED AS OF DATE: 19991104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PALM HARBOR HOMES INC /FL/ CENTRAL INDEX KEY: 0000923473 STANDARD INDUSTRIAL CLASSIFICATION: PREFABRICATED WOOD BLDGS & COMPONENTS [2452] IRS NUMBER: 591036634 STATE OF INCORPORATION: FL FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-24268 FILM NUMBER: 99741027 BUSINESS ADDRESS: STREET 1: 15303 DALLAS PKWY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75248 BUSINESS PHONE: 9729912922 MAIL ADDRESS: STREET 1: 15303 DALLAS PARKWAY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75248 10-Q 1 FORM 10-Q FOR QUARTER ENDED SEPTEMBER 24, 1999 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 1999 Commission file number 0-26188 PALM HARBOR HOMES, INC. --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Florida 59-1036634 - ------------------------------- --------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 15303 Dallas Parkway, Suite 800, Addison, Texas 75001-4600 --------------------------------------------------------------------- (Address of principal executive offices) (Zip code) 972-991-2422 ----------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) Yes X No__ and (2) has been subject to such filing requirements for the past 90 days. Yes X No . --- ---- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Shares of common stock $.01 par value, outstanding on October 29, 1999 - 22,883,116. 2 PALM HARBOR HOMES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
SEPTEMBER 24, MARCH 26, 1999 1999 -------------- -------------- ASSETS (Unaudited) Cash and cash equivalents $ 38,633 $ 39,413 Investments 19,301 17,167 Receivables 83,980 79,219 Inventories 128,637 122,662 Other current assets 5,604 6,349 -------------- -------------- Total current assets 276,155 264,810 Other assets 80,829 82,034 Property, plant and equipment, net 83,225 80,566 -------------- -------------- TOTAL ASSETS $ 440,209 $ 427,410 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 41,076 $ 41,847 Floor plan payable 137,500 128,852 Accrued liabilities 50,105 53,562 Current portion of long-term debt 242 233 -------------- -------------- Total current liabilities 228,923 224,494 Long-term debt, less current portion 3,025 3,149 Deferred income taxes 3,947 4,442 Shareholders' equity: Common stock, $.01 par value 239 239 Additional paid-in capital 54,149 54,149 Retained earnings 166,372 143,681 -------------- -------------- 220,760 198,069 Less treasury shares (13,755) (442) Unearned compensation (2,691) (2,302) -------------- -------------- Total shareholders' equity 204,314 195,325 -------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 440,209 $ 427,410 ============== ==============
See accompanying notes. 1 3 PALM HARBOR HOMES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 24, SEPTEMBER 25, SEPTEMBER 24, SEPTEMBER 25, 1999 1998 1999 1998 ------------- ------------- ------------- ------------- Net sales $ 193,678 $ 190,853 $ 412,253 $ 394,983 Cost of sales 130,168 133,000 281,233 279,833 Selling, general and administrative expenses 46,509 38,382 93,620 77,291 ------------- ------------- ------------- ------------- Income from operations 17,001 19,471 37,400 37,859 Interest expense (2,436) (2,750) (4,818) (5,000) Other income 2,741 715 4,078 1,399 ------------- ------------- ------------- ------------- Income before income taxes 17,306 17,436 36,660 34,258 Income tax expense 6,799 7,011 14,538 13,708 ------------- ------------- ------------- ------------- Net income $ 10,507 $ 10,425 $ 22,122 $ 20,550 ============= ============= ============= ============= Net income per common share - basic and diluted $ 0.45 $ 0.44 $ 0.94 $ 0.86 ============= ============= ============= ============= Weighted average common shares outstanding - basic 23,428 23,786 23,595 23,787 ============= ============= ============= ============= Weighted average common shares outstanding - diluted 23,459 23,845 23,631 23,847 ============= ============= ============= =============
See accompanying notes. 2 4 PALM HARBOR HOMES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
SIX MONTHS ENDED SEPTEMBER 24, SEPTEMBER 25, 1999 1998 -------------- -------------- OPERATING ACTIVITIES Net income $ 22,122 $ 20,550 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 4,493 3,580 Amortization 2,021 1,969 Deferred income tax benefit (495) (257) Gain on sale of loans (6,087) (5,303) Purchases of stock for long-term incentive plan (939) -- Provision for long-term incentive plan 550 -- Gain on disposition of assets -- (45) Changes in operating assets and liabilities: Trade accounts receivable 2,992 1,799 Inventories (5,975) 4,627 Other current assets 745 (535) Other assets (816) (1,153) Accounts payable and accrued liabilities (4,228) 5,581 -------------- -------------- Cash provided by operations 14,383 30,813 Loans originated (80,093) (88,678) Sales of loans 78,996 83,821 -------------- -------------- Net cash provided by operating activities 13,286 25,456 INVESTING ACTIVITIES Purchases of property, plant and equipment (7,152) (8,601) Purchases of investments (5,058) (35,142) Sales of investments 2,924 4,658 Proceeds from disposition of assets -- 97 -------------- -------------- Net cash used in investing activities (9,286) (38,988) FINANCING ACTIVITIES Net proceeds from floor plan payable 8,648 26,961 Payments on line of credit -- (17,000) Principal payments on notes payable and long-term debt (115) (834) Net purchases of treasury stock (13,313) (162) -------------- -------------- Net cash (used in) provided by financing activities (4,780) 8,965 -------------- -------------- Net decrease in cash and cash equivalents (780) (4,567) Cash and cash equivalents at beginning of period 39,413 21,073 -------------- -------------- Cash and cash equivalents at end of period $ 38,633 $ 16,506 ============== ============== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 5,096 $ 4,680 Income taxes 15,368 15,412
See accompanying notes. 3 5 PALM HARBOR HOMES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, which are, in the opinion of management, necessary for a fair and accurate presentation. Certain footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended March 26, 1999. Results of operations for any interim period are not necessarily indicative of results to be expected for a full year. 2. Stock Dividend On June 30, 1998, the Board of Directors of the Company declared a 5-for-4 stock split effected in the form of a 25% stock dividend to shareholders of record on July 14, 1998. The stock dividend was paid on July 28, 1998. Historical common share and per share data for fiscal 1999 have been adjusted to reflect the stock split. 3. Inventories Inventories consist of the following (in thousands):
SEPTEMBER 24, MARCH 26, 1999 1999 --------------- --------------- Raw materials $ 9,255 $ 8,936 Work in process 3,601 3,208 Finished goods - manufacturing 1,074 247 - retail 114,707 110,271 --------------- --------------- $ 128,637 $ 122,662 =============== ===============
4. Other Assets Other assets include goodwill of $67.1 million at September 24, 1999 and $66.1 million at March 26, 1999, with accumulated amortization of $8.8 million and $6.9 million, respectively. 5. Floor Plan Payable The Company has floor plan credit facilities totaling $150.0 million from financial institutions to finance a major portion of its home inventory at the Company's retail superstores. These facilities are secured by a portion of the Company's home inventory and cash in transit from financial institutions. Interest rates range from prime (8.25% at September 24, 1999) to prime minus .50%. The Company had $137.5 million and $128.9 million outstanding on these floor plan credit facilities at September 24, 1999 and March 26, 1999, respectively. The Company's floor plan financing agreement with one of the financial institutions permits the Company to earn interest on investments made with the financial institution, which can be withdrawn without any imposed restrictions. The interest rate on the outstanding borrowings is prime (8.25% at September 24, 1999). The agreement also calls for a minimum of $50.0 4 6 million to be maintained as the outstanding balance on the related credit facility. The agreement is effective until December 31, 1999. The Company had $36.0 million invested at September 24, 1999 and March 26, 1999 and has classified these amounts as Cash and Cash Equivalents in the accompanying Condensed Consolidated Balance Sheets. 6. Line of Credit The Company has a $25.0 million unsecured revolving line of credit from a financial institution for general corporate purposes. The line of credit bears interest, at the option of the Company (under certain conditions), at either the LIBOR rate (5.26% at September 24, 1999) plus .625% or the prime rate (8.25% at September 24, 1999) minus 1.0%. The line of credit contains provisions regarding minimum net worth requirements and certain indebtedness limitations, which would limit the amount available for future borrowings. On June 28, 1999, the line of credit agreement was amended to provide a $10.0 million unsecured revolving line of credit and a $15.0 million uncommitted line of credit. The amended line is available through June 27, 2000 and requires an annual commitment fee of up to $12,500. The Company had zero outstanding on the line of credit at September 24, 1999 and March 26, 1999. 7. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. 5 7 8. Business Segment Information The Company operates primarily in three business segments, retail sales, manufacturing and financial services. The following table summarizes information with respect to the Company's business segments for the periods ending September 24, 1999 and September 25,1998 (in thousands):
THREE MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 24, SEPTEMBER 25, SEPTEMBER 24, SEPTEMBER 25, 1999 1998 1999 1998 -------------- -------------- -------------- -------------- Net sales Retail $ 168,282 $ 158,207 $ 346,319 $ 317,910 Manufacturing 121,861 123,849 262,170 251,996 Financial services 6,220 6,060 12,791 12,738 -------------- -------------- -------------- -------------- 296,363 288,116 621,280 582,644 Intersegment sales (102,685) (97,263) (209,027) (187,661) -------------- -------------- -------------- -------------- $ 193,678 $ 190,853 $ 412,253 $ 394,983 ============== ============== ============== ============== Income from operations Retail $ 7,271 $ 6,945 $ 15,673 $ 14,825 Manufacturing 11,301 11,604 23,966 21,512 Financial services 3,344 3,507 7,049 7,004 General corporate expenses (4,556) (2,781) (8,176) (5,323) -------------- -------------- -------------- -------------- 17,360 19,275 38,512 38,018 Intersegment profits (359) 196 (1,112) (159) -------------- -------------- -------------- -------------- $ 17,001 $ 19,471 $ 37,400 $ 37,859 ============== ============== ============== ============== Interest expense $ (2,436) $ (2,750) $ (4,818) $ (5,000) Other income 2,741 715 4,078 1,399 -------------- -------------- -------------- -------------- Income before taxes $ 17,306 $ 17,436 $ 36,660 $ 34,258 ============== ============== ============== ==============
6 8 PART I. FINANCIAL INFORMATION Item 1. Financial Statements See pages 1 through 5. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following table sets forth certain items of the Company's statement of income as a percentage of net sales for the period indicated.
THREE MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 24, SEPTEMBER 25, SEPTEMBER 24, SEPTEMBER 25, 1999 1998 1999 1998 -------------- -------------- -------------- -------------- Net sales 100.0% 100.0% 100.0% 100.0% Cost of sales 67.2 69.7 68.2 70.8 -------------- -------------- -------------- -------------- Gross profit 32.8 30.3 31.8 29.2 Selling, general and administrative expenses 24.0 20.1 22.7 19.6 -------------- -------------- -------------- -------------- Income from operations 8.8 10.2 9.1 9.6 Interest expense (1.3) (1.4) (1.2) (1.3) Other income 1.4 0.4 1.0 0.4 -------------- -------------- -------------- -------------- Income before income taxes 8.9 9.2 8.9 8.7 Income tax expense 3.5 3.7 3.5 3.5 -------------- -------------- -------------- -------------- Net income 5.4% 5.5% 5.4% 5.2% ============== ============== ============== ==============
7 9 The following table summarizes certain key sales statistics as of and for the three and six months ended September 24, 1999 and September 25, 1998.
THREE MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 24, SEPTEMBER 25, SEPTEMBER 24, SEPTEMBER 25, 1999 1998 1999 1998 -------------- -------------- -------------- -------------- Company homes sold through Company-owned retail superstores 2,798 2,513 5,791 4,994 Total new homes sold 3,604 3,919 7,808 8,128 Internalization rate(1) 78% 64% 74% 61% Average new home price - retail $ 58,000 $ 55,000 $ 57,000 $ 54,000 Number of retail superstores at end of period 129 104 129 104 Homes sold to independent retailers 751 1,131 1,868 2,444
(1) The internalization rate is the percentage of new homes that are manufactured by the Company and sold through Company-owned retail superstores. THREE MONTHS ENDED SEPTEMBER 24, 1999 COMPARED TO THREE MONTHS ENDED SEPTEMBER 25, 1998 NET SALES. Net sales increased 1.5% to $193.7 million in the three months ended September 24, 1999 from $190.9 million in the three months ended September 25,1998. The 1.5% increase in net sales was primarily due to an increase in the volume of homes sold through Company-owned retail superstores. Net sales were also impacted by the increase in retail stock inventory as the number of Company-owned retail superstores increased from 104 at the end of the second quarter of fiscal 1999 to 129 at the end of the second quarter of fiscal 2000. GROSS PROFIT. Gross profit increased 2.4% to $63.5 million in the quarter ended September 24, 1999 compared to $57.9 million in the quarter ended September 25, 1998. During the same period, gross profit margin as a percentage of net sales increased to 32.8% compared to 30.3%. This increase was the result of selling 78% of the Company's homes through Company-owned retail superstores in the second quarter of fiscal 2000 versus 64% in the second quarter of fiscal 1999. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased 21.2% to $46.5 million in the quarter ended September 24, 1999 from $38.4 million in the quarter ended September 25, 1998, primarily due to a planned increase in promotion and advertising expenditures, expenses associated with the 25 additional retail superstores, and performance based compensation expense. As a percentage of net sales, selling, general and administrative expenses 8 10 increased, as planned, to 24.0% in the second quarter of fiscal 2000 from 20.1% in the second quarter of fiscal 1999. This increase is due to the growth in the Company's retail operations which, generally, have higher selling, general and administrative expenses as a percentage of net sales as compared to wholesale operations. OTHER INCOME. Other income increased $2.0 million to $2.7 million in the second quarter of fiscal 2000 from $0.7 million in the second quarter of fiscal 1999. This increase was primarily the result of gains on the disposition of certain properties and additional investment income. SIX MONTHS ENDED SEPTEMBER 24, 1999 COMPARED TO SIX MONTHS ENDED SEPTEMBER 25, 1998 NET SALES. Net sales increased 4.4% to $412.3 million in the six months ended September 24, 1999 of fiscal 2000 from $395.0 million in the six months ended September 25,1998. The 4.4% increase in net sales was primarily due to an increase in the volume of homes sold through Company-owned retail superstores. Net sales were also impacted by the increase in retail stock inventory as the number of Company-owned retail superstores increased from 104 at the end of the second quarter of fiscal 1999 to 129 at the end of the second quarter of fiscal 2000. GROSS PROFIT. Gross profit increased 13.8% to $131.0 million in the six months ended September 24, 1999 compared to $115.2 million in the six months ended September 25, 1998. During the same period, gross profit margin as a percentage of net sales increased to 31.8% compared to 29.2%. This increase was the result of production efficiencies at our manufacturing facilities and selling 74% of the Company's homes through Company-owned retail superstores in the six months ended September 24, 1999 versus 61% in the six months ended September 25, 1998. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses increased 21.1% to $93.6 million in the six months ended September 24, 1999 from $77.3 million in the six months ended September 25, 1998, primarily due to a planned increase in promotion and advertising expenditures, expenses associated with the 25 additional retail superstores, and performance-based compensation expense. As a percentage of net sales, selling, general and administrative expenses increased, as planned, to 22.7% in the six months ended September 24, 1999 from 19.6% in the six months ended September 25, 1998. This increase is due to the growth in the Company's retail 9 11 operations which, generally, have higher selling, general and administrative expenses as a percentage of net sales as compared to wholesale operations. OTHER INCOME. Other income increased $2.7 million to $4.1 million in the six months ended September 24, 1999 from $1.4 million in the six months ended September 25, 1998. This increase was primarily the result of gains on the disposition of certain properties and additional investment income. LIQUIDITY AND CAPITAL RESOURCES. The Company has floor plan credit facilities totaling $150.0 million from financial institutions to finance a major portion of its home inventory at the Company's retail superstores. These facilities are secured by a portion of the Company's home inventory and cash in transit from financial institutions. Interest rates range from prime (8.25% at September 24, 1999) to prime minus .50%. The Company had $137.5 million and $128.9 million outstanding on these credit facilities at September 24, 1999 and March 26, 1999, respectively. The Company's floor plan financing agreement with one of the financial institutions permits the Company to earn interest on investments made with the financial institution, which can be withdrawn without any imposed restriction. The interest rate on the outstanding borrowings is prime (8.25% at September 24,1999). The agreement also calls for a minimum of $50.0 million to be maintained as the outstanding balance on the related credit facility. The agreement is effective until December 31, 1999. The Company expects to renew the current credit facility or obtain a similar facility with another financial institution. The Company had $36.0 million invested at September 24, 1999 and March 26, 1999 and has classified these amounts as Cash and Cash Equivalents in the accompanying Condensed Consolidated Balance Sheets. The Company has a $10.0 million unsecured revolving line of credit and a $15.0 million uncommitted line of credit for general corporate purposes. The line of credit bears interest, at the option of the Company (under certain conditions), at either the LIBOR rate (5.26% at September 24, 1999) plus .625% or the prime rate (8.25% at September 24, 1999) minus 1.0%. The line of credit contains provisions regarding minimum net worth requirements and certain indebtedness limitations which would limit the amount available for future borrowings. The line is available through June 27, 2000 and requires an annual commitment fee of up to $12,500. The Company had zero outstanding on the line of credit at September 24, 1999 and March 26, 1999. 10 12 In June 1999, the Company's Board of Directors authorized, subject to certain business and market conditions, the use of up to $20.0 million to repurchase the Company's common stock. As of October 29,1999, the Company had invested $14.7 million in the common stock buyback program. The Company believes that cash flow from operations, together with floor plan financing and the revolving line of credit, will be adequate to support its working capital, currently planned capital expenditure needs and future share repurchases in the foreseeable future. The Company may, from time to time, obtain additional floor plan financing for its retail inventories. Such practice is customary in the industry. However, because future cash flows and the availability of financing will depend on a number of factors, including prevailing economic and financial conditions, business and other factors beyond the Company's control, no assurances can be given in this regard. YEAR 2000 ISSUE. The "Year 2000 Issue" is the result of computer programs that use two digits instead of four to record the applicable year. Computer programs that have date-sensitive software may be unable to properly categorize and process dates occurring after December 31, 1999. This could result in a system failure or miscalculations in the Company's computer programs causing significant, unanticipated liabilities, expenses and possible disruption of its business. Based on an assessment by the Company of operating, financial and management information systems, the Company implemented a plan during the third quarter of fiscal 1997 to modify or upgrade certain equipment and software necessary to address the Year 2000 Issue. Costs are estimated to be significantly less than $0.5 million. The plan is designed to utilize resources from within the Company with minimal impact on other non-Year 2000 Issue management information system projects. Under the plan, all modifications and upgrading of critical systems were completed by September 30, 1999. The Company is currently testing the modifications and expects testing to be complete by December 31, 1999. Additionally, risk of business disruption exists if Year 2000 Issue-related failures occur among the Company's lenders, suppliers, transporters and others upon which the Company relies, but over which the Company has no control. There can be no guarantee that the systems of these third parties on which the Company relies will be modified on a timely basis and will not have an adverse effect on the Company's systems or operations. The Company is maintaining contact with these critical third parties to determine the extent to which the Company would be affected if there were Year 2000 Issue-related 11 13 failures among these third parties. To date no known Year 2000 Issue-related failures among these third parties exist. There are no formal contingency plans in place if the company does not complete all Year 2000 management information system projects. The Year 2000 Issue is being closely monitored, and additional measures will be taken as risks are determined. FORWARD-LOOKING INFORMATION. Certain statements contained in this report are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Management is unaware of any trends or conditions that could have a material adverse effect on the Company's consolidated financial position, future results of operations or liquidity. However, investors should also be aware of factors, which could have a negative impact on prospects and the consistency of progress. These include political, economic or other factors such as inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the business in each of the Company's markets; competitive product, advertising, promotional and pricing activity; dependence on the rate of development and degree of acceptance of new product introductions in the marketplace; and the difficulty of forecasting sales at certain times in certain markets. 12 14 PART II. OTHER INFORMATION Item 1. Legal Proceedings - Not applicable Item 2. Changes in Securities - Not applicable Item 3. Defaults upon Senior Securities - Not applicable Item 4. Submission of Matters to a Vote by Security Holders - not applicable Item 5. Other Information - Not applicable Item 6. Exhibits and Reports on Form 8-K. (a) Exhibit 27 - Financial Date Schedule (EDGAR filing only). (b) Reports on Form 8-K - Not applicable SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. Date: November 2, 1999 Palm Harbor Homes, Inc. ---------------------------------------- (Registrant) By: /s/ Kelly Tacke ---------------------------------------- Kelly Tacke Chief Financial and Accounting Officer By: /s/ Lee Posey ---------------------------------------- Lee Posey Chairman of the Board 13 15 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 27 Financial Data Schedule
EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 24, 1999 AND CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS ENDED SEPTEMBER 24, 1999 LOCATED IN THE COMPANY'S 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND THE NOTES THERETO. 1,000 6-MOS MAR-31-2000 MAR-27-1999 SEP-24-1999 38,633 19,301 83,980 0 128,637 276,155 83,225 0 440,209 228,923 3,025 0 0 239 204,075 440,209 412,253 412,253 281,233 281,233 0 0 4,818 36,660 14,538 0 0 0 0 22,122 .94 .94
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